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Oil prices have reached their highest level in nearly two weeks, with Brent crude rising over 3% to $116 a barrel on Monday morning. The surge comes amid escalating tensions between the US, Israel, and Iran, with Iran accusing the US of preparing for a ground invasion.The conflict has disrupted about one-fifth of global oil and liquified natural gas (LNG) supplies, plunging the world into its biggest energy crisis in decades. Iran's effective closure of the Strait of Hormuz has led to a nearly 60% rise in oil prices since the start of the war.Analysts warn that oil prices are likely to keep rising unless maritime traffic returns to normal levels in the strait. US President Donald Trump has threatened to 'obliterate' Iran's energy infrastructure if Tehran does not relinquish its stranglehold on the waterway by a deadline of April 6.Greg Newman, CEO of Onyx Capital Group, said energy consumers are only beginning to feel the true fallout of the turmoil, with Brent expected to rise towards $120 and beyond. The scale of the disruption has yet to be fully appreciated, with physical premiums at their highest ever.

The International Monetary Fund (IMF) has issued a stark warning that the ongoing conflict in the Middle East will lead to higher prices and slower global growth, affecting countries worldwide. The Washington-based organisation emphasised that a rise in energy and food costs will harm economic growth this year and could leave lasting scars on the global economy.The IMF's analysis, published in a blogpost by its main department heads, including chief economist Pierre-Olivier Gourinchas, noted that governments with high levels of borrowing will have limited access to funds to cushion the worst effects of the crisis. The organisation warned that all roads lead to higher prices and slower growth should the conflict continue to disrupt the supply of oil, gas, and fertiliser from the Gulf.While some countries, such as the US, may gain from higher fossil fuel prices as net exporters of oil and gas, the rise in bills for petrol, diesel, and food will harm living standards. Businesses are also forecast to come under pressure to raise prices, possibly forcing central banks to raise interest rates to combat inflation.The IMF highlighted that about a third of fertiliser production travels through the strait of Hormuz, which could push up prices. The UN Food and Agriculture Organisation projects that global prices could average 15% to 20% higher in the first half of 2026 if the crisis persists. Natural gas prices have more than doubled in the UK since last December to about £140 a therm, while a barrel of Brent crude that cost about $60 before the conflict hit more than $116 on Monday before falling back to $112.The IMF added that forecasts for sharp rises in the cost of gas and electricity in Europe next winter are forcing governments to consider higher subsidies and welfare payments to the worst-affected households. The organisation noted that countries such as Italy and the UK are especially exposed by their reliance on gas-fired power, while France and Spain are relatively protected by their greater nuclear and renewables capacity.

The price of oil has surged to $116 a barrel after Donald Trump's comments on seizing Iranian oil, sparking concerns over a potential escalation in the Middle East conflict. Brent crude, the international benchmark for oil, rose by 2% in early trading on Monday.Trump told the Financial Times that his 'favourite thing is to take the oil in Iran,' which led to a significant increase in oil prices and a drop in Asian stock markets. Japan's Nikkei fell by 3%, while the South Korean Kospi dropped 3.4%. Hong Kong's Hang Seng index shed about 1%.The conflict in the Middle East has escalated with the arrival of 3,500 US troops and Houthi rebels in Yemen firing ballistic missiles at Israeli sites. This has led to concerns over a potential disruption in oil supplies, causing natural gas prices to increase in Europe.Analysts warn that if the conflict doesn't end quickly, crude could rise to $150 or even $200 per barrel, which could lead to a global recession. The UK's Keir Starmer is set to hold talks with bosses from Shell, BP, and Equinor to discuss emergency measures to contain the crisis.The war in the Middle East has driven Brent crude to its biggest monthly gain ever, up by 59% since the start of March. Industry figures have warned of potential temporary shortages at petrol pumps in the UK due to the conflict.

Qatar's Prime Minister and Foreign Minister, Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, held crucial talks with senior US officials in Washington, DC, as tensions escalate in the Gulf region due to the ongoing US-Israeli war on Iran.The meetings, which included US Vice President JD Vance and US Secretary Scott Bessent, focused on strengthening the "close strategic cooperation" between Doha and Washington, particularly in defense partnerships given the current regional challenges.Both sides emphasized the importance of ensuring the sustainability of energy supplies and maintaining the flow of liquefied natural gas from Qatar to global markets, supporting global energy security.Vance praised Qatar's active role in promoting regional stability and enhancing global energy security, highlighting the robust strategic partnership between the two nations.The Gulf region has been under heightened tension since February 28, when the US-Israeli war on Iran began, resulting in over 3,000 deaths across the region, mostly in Iran and Lebanon.Iran has since launched drone and missile attacks on Israel, Jordan, Iraq, and Gulf states, prompting regional leaders to urge Iran to cease these attacks to protect civilians.Earlier this month, Qatar reported that Iranian missile attacks on the Ras Laffan Industrial City, the country's main gas facility, caused "significant damage."The conflict has led to an unprecedented global energy crisis as Iran has effectively closed off the Strait of Hormuz, through which one-fifth of the world's oil passes.On Thursday, Sheikh Mohammed also met with US Secretary of Defense Pete Hegseth in Washington, focusing on developing defense and security collaboration amid regional challenges.The Qatari Cabinet has condemned Iranian attacks on Qatar and its neighbors, calling for an immediate halt to these actions.

Malaysian Prime Minister Anwar Ibrahim revealed in a televised address that Iran's President Masoud Pezeshkian has allowed Malaysian vessels to pass through the Strait of Hormuz with 'early clearance'. This development comes as the global energy market faces significant disruptions due to the ongoing conflict between Iran, the United States, and Israel.Anwar expressed gratitude to Pezeshkian for the clearance, which will enable Malaysian oil tankers and their crews to continue their journey home. While he did not specify the number of vessels cleared or the conditions for safe passage, he emphasized that Malaysia is working to secure the release of its ships and personnel.The Strait of Hormuz is a vital waterway, facilitating about one-fifth of global oil and liquefied natural gas (LNG) supplies. Iran has claimed the right to control the strait and has been responsible for several attacks on commercial vessels in the region. Despite Iran's assertion that the strait is open to non-aligned ships, there have been reports of Iranian authorities demanding tolls of up to $2 million for safe passage.Malaysia, a net energy exporter and one of the world's top LNG suppliers, imports nearly 70% of its crude oil from the Gulf region. Anwar noted that while Malaysia is better positioned than other nations due to its state-run oil and gas company Petronas, the country will still face impacts from the energy supply disruptions. To mitigate these effects, the government plans to implement fuel conservation measures, including reducing subsidized petrol quotas and encouraging civil servants to work from home.Anwar warned that food, fertilizer, and oil prices are likely to rise due to the disruptions. He emphasized that Malaysia is taking steps to address these challenges, adding that some countries are experiencing far worse impacts than Malaysia.

The ongoing United States-Israeli conflict with Iran has triggered severe disruptions to global LNG supplies in the Gulf, creating the most significant energy market disruptions in recent years. The critical Strait of Hormuz, through which 27 percent of the world's maritime oil trade and 20 percent of LNG shipments pass, has been brought to a near standstill.In response to the conflict, oil-producing nations such as Saudi Arabia have rerouted oil through alternative pipelines, while Qatar has completely halted LNG production at its Ras Laffan and Mesaieed facilities following attacks on its energy infrastructure. This disruption comes as natural gas makes up about a quarter of global energy consumption, raising widespread concerns about the impact on nations heavily reliant on gas imports.Natural gas is formed over millions of years from decomposed organic matter subjected to intense heat and pressure beneath the Earth's surface. LNG represents natural gas that has been cooled to -162 degrees Celsius through cryogenic processing, shrinking it to a 600th of its gaseous volume. In its liquid state, LNG is colorless, odorless, and non-flammable, making it safe and efficient to transport across vast distances.Before liquefaction, the gas undergoes purification through water-based solvents and molecular sieve beds to remove impurities including carbon dioxide, hydrogen sulfide, water, and mercury. Heavier hydrocarbons are then separated from methane and ethane through fractionation. The resulting fuel is typically composed of 85 to 95 percent methane, with small amounts of ethane, propane, butane, and nitrogen.LNG is stored in large insulated tanks without requiring high-pressure infrastructure, then pumped onto double-hulled carriers for shipment to terminals worldwide. At destination facilities, LNG is heated using seawater or warm water baths until it vaporizes—a process known as regasification—before being distributed through pipelines for consumption.Once returned to a gaseous state, LNG serves multiple purposes globally. Residential applications include cooking, heating, and electricity generation, while supporting hot water systems in homes and heating for commercial buildings. In power generation, LNG offers a comparatively low-carbon alternative to coal and oil. Industrial applications span fertilizers, plastics, paints, and medicines, with LNG also used to fuel heavy-duty vehicles and ships.The disruption has particularly affected agricultural production, as Gulf nations export close to half the world's traded urea—a key fertilizer component. Natural gas serves as both the primary feedstock and fuel for fertilizer manufacturing, with the halt in production forcing producers across the region to suspend or reduce operations.While primarily valued as an energy source, LNG processing yields significant by-products with industrial and medical applications. The most notable is helium, extracted during cryogenic processing. With global helium production estimated at 180 million cubic meters annually, the disruption to Qatar's LNG facilities has removed approximately 5.2 million cubic meters from the market each month—accounting for about a third of global monthly production.Helium is critical for cooling superconducting magnets in MRI and CT scanners, with the average MRI machine requiring about 1,700 liters of liquid helium. The element is also vital to the data center industry, where it conducts heat away from silicon components, preventing damage to semiconductors. Additionally, the natural gas value chain generates petrochemical derivatives that serve as feedstock for manufactured goods, including medical-grade plastics.According to the International Gas Union's 2025 World LNG Report, 411.24 million tonnes of LNG were traded in 2024. The United States emerged as the largest exporter with 88.4 million tonnes, followed by Australia (81 million tonnes), Qatar (77.2 million tonnes), Russia (33.5 million tonnes), and Malaysia (27.7 million tonnes). Together, these top five suppliers account for more than three-quarters of global LNG supply.China was the largest importer with 78.6 million tonnes in 2024, followed by Japan (67.7 million tonnes), South Korea (47.1 million tonnes), India (26.1 million tonnes), and Taiwan (21.8 million tonnes). These top five importers constituted nearly 59 percent of all global LNG imports that year.South Asian nations face particularly severe risks from the current conflict. Pakistan, where natural gas accounts for 28 percent of electricity generation for its 250 million people, and Bangladesh, where gas supplies half of all electricity for its 176 million population, are heavily dependent on Gulf imports. Qatar and the United Arab Emirates supply approximately 99 percent of Pakistan's LNG imports and 72 percent of Bangladesh's.In response to the energy crisis, Pakistan has implemented emergency measures including a four-day workweek for government employees and extended school holidays. Bangladesh has reduced gas supplies and is seeking nearly $2 billion in international loans to fund energy inputs and maintain price stability. India, which relies on Gulf nations for about half of its LNG and generates 5 percent of its electricity from gas, has shifted toward coal usage as LNG disruptions continue.

Sony has announced a significant price hike for its PlayStation 5 consoles worldwide, with a $100 increase in the US, citing rising costs of key components such as memory chips. The price increase is effective April 2, with the standard PS5 now priced at $649.99, up from $549.99.The tech industry's rapid expansion of artificial intelligence infrastructure has led to a surge in demand for high-margin datacenter chips, reducing supply for consumer devices like the PS5. Additionally, Iran's recent attack on Qatar's natural gas export facility has threatened supplies of helium, a critical component in producing computer chips.Qatar supplies a third of the world's helium, and the shutdown is expected to slash helium exports by 14%. This reduction in supply is likely to drive up prices, particularly if the conflict prolongs. Helium is not only used in party balloons but is also essential for manufacturing semiconductors used in computers and various tech devices.The price hike is expected to dampen growth in the video-game market this year. This development follows Epic Games' announcement of cutting 1,000 jobs, citing sluggish console sales as one of the reasons. In the October-December holiday quarter, Sony's PlayStation 5 sales fell 16% from the previous year to 8 million units.Sony had previously raised PS5 prices by about $50 in the US in August last year. Microsoft also increased prices of its console, the Xbox, last year.

Fears of economic strain are mounting across Europe as the United States-Israel conflict with Iran approaches its one-month anniversary. German Defense Minister Boris Pistorius has described the situation as an economic 'catastrophe' for global economies, with impacts already becoming evident.Speaking during a meeting with Australian Defense Minister Richard Marles, Pistorius emphasized Germany's willingness to contribute to peace efforts. He stated that Germany is 'ready to secure any peace' and would discuss operations to secure freedom of navigation in the Strait of Hormuz if a ceasefire were implemented.The Organisation for Economic Co-operation and Development (OECD) has further exacerbated concerns by revising global growth projections. The international body cut its 2026 forecast for British economic growth by half a percentage point to just 0.7 percent, while downgrading the eurozone by 0.4 percentage points. In contrast, the US received a 0.3 percentage point upgrade to its growth forecast.Addressing reporters in Canberra, Pistorius criticized the lack of consultation with Germany before the commencement of hostilities. 'Nobody asked us before. It's not our war, and therefore we don't want to get sucked into that war,' he stated, adding that there is no clear strategy, objective, or exit plan from the conflict.The economic repercussions are particularly severe in energy markets. Natural gas prices in the European Union have surged by more than 30 percent since the conflict began, with prices spiking following Israel's attack on Iran's critical South Pars gasfield and subsequent Iranian retaliation against Qatar's Ras Laffan facility.European leaders are increasingly vocal about the economic dangers. European Commission President Ursula Von der Leyen has called for negotiations with Iran and an end to hostilities, while urging member states to accelerate preparations for meeting winter gas storage targets. Spanish Prime Minister Pedro Sanchez has described the situation as 'far worse' than the 2003 Iraq invasion, warning of broader and deeper potential impacts.The economic consequences extend beyond Europe, with the OECD noting that the global economy, previously on a path toward growth, has now veered from that trajectory. Planned fiscal tightening and higher energy prices are expected to keep growth subdued in the United Kingdom, though somewhat mitigated by lower policy rates anticipated for the following year.

The deadly conflict in Iran has precipitated what the International Energy Agency describes as the worst oil crisis in history, creating a complex situation for global clean energy efforts. While climate advocates are calling for accelerated transition away from fossil fuels, the war simultaneously presents both opportunities and significant challenges for renewable energy development.US-Israeli strikes on Iran have critically disrupted supply routes through the Strait of Hormuz, a maritime channel through which 20% of global oil flows. The conflict has also seen direct attacks on fossil fuel infrastructure by all parties involved, creating additional market shocks and uncertainty.Interestingly, reduced reliance on oil and gas is proving beneficial for some regions navigating the ongoing fuel crisis. As Jan Rosenow, a professor of energy at Oxford University, explains: Electricity generated from wind and solar is largely insulated from fossil fuel price volatility – once built, the fuel is free.Countries with substantial renewable energy investments are demonstrating greater resilience. Spain and Portugal have witnessed electricity prices decline in recent weeks, while Pakistan has experienced a surge in rooftop solar installations over the past five years, helping the nation weather oil and gas market disruptions.The electric vehicle revolution is also providing some economies with protection against gasoline price increases. In China, more than 50% of all new cars sold are electric, while in Nepal, that figure reaches an impressive 70%.However, the war is creating near-term challenges that could impede clean energy growth. The conflict has disrupted transport routes for metals essential in solar panel construction, particularly aluminum. The Middle East accounts for approximately 9% of global aluminum production, and regional producers have begun scaling back operations amid the hostilities.Furthermore, the inflationary pressures stemming from the conflict pose significant hurdles for renewable energy projects, which require substantial upfront investment for construction, equipment, and installation.Paradoxically, the war and resulting energy shocks have provided a short-term boon for fossil fuels, including coal. Many Asian countries heavily reliant on imported liquefied natural gas (LNG) are burning more coal to meet energy demand as LNG supplies through the Strait of Hormuz become constrained.The conflict has also incentivized increased oil and gas drilling and exploration, as countries scramble to replace disrupted LNG supplies and higher prices make previously unviable projects economically viable. US company Venture Global recently announced a new five-year contract to supply LNG, while Canadian energy company TC Energy indicated that Iran war disruptions are increasing the likelihood of expanding a massive LNG export facility.The Trump administration has further incentivized oil expansion, recently announcing plans to pay a French company $1 billion to abandon offshore wind farm projects in favor of fossil fuel initiatives.Experts propose various policy responses to encourage the green transition during this crisis. Rosenow advocates for tax reform to reduce the disproportionate burden on electricity compared to gas. Professor Gregor Semieniuk suggests imposing windfall taxes on oil and gas companies during the war, while Lauren Pagel of Earthworks calls for ending fossil fuel subsidies and making polluters pay for their environmental impact.Despite the current challenges, Kingsmill Bond, a strategist for the energy thinktank Ember, maintains that this crisis could ultimately accelerate the clean energy transition: This is the first oil shock in history where oil faces a superior alternative. Solar, wind and EV are cheaper, local, faster to deploy, and huge.